JSE-listed UCS has promoted deputy CEO Dean Sparrow to the CEO post, as John Bright retires a year early, after the company sold the bulk of its units to Business Connexion (BCX) and moves ahead with delisting.
Bright, who co-founded UCS in 1978, was set to retire next September when he turned 65. However, as the company is now about a quarter of its previous size, it was agreed that it did not need a deputy CEO and CEO position.
Sparrow took over from Bright on 1 October. He says the business units that are left are at breakeven stage.
Earlier this year, BCX's buyout of UCS units Accsys, CEB Maintenance Africa, UCS Solutions, UCS Technology Services and its 70% stake in Destiny Electronic Commerce for R614 million was finalised.
BCX has since sold the Destiny stake to VeriFone Singapore, a subsidiary of VeriFone Systems, for R255 million.
Changed focus
vehicle, says Sparrow. He notes that Bright will continue to be involved on a non-executive level and will also play an executive role in the software business.
UCS is set to be delisted on 24 October, after shareholders voted in favour of the move last month. Bright says Sparrow's “extensive experience and intimate knowledge of the businesses is ideal to take the group forward as we enter a new phase in UCS's lifecycle”. On delisting, UCS's name will be changed to Capital Eye Investments.
Sparrow, a qualified chartered accountant, joined UCS from Deloitte & Touche in 2002. Shortly after that, he was appointed CFO and was involved in restructuring the company's software division. He was appointed as deputy CEO in April 2009.
Bright says: “Dean [Sparrow] has played a key role in UCS's growth and development over the past nine years, including overseeing a broad range of merger and acquisition activities across the group.”
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